The lake is located southeast of Villach in the Drava Valley, below the northern slope of the Karawanks mountain range beneath Mt.

The village of Faak to the southwest, after which the lake is named, is part of the municipality of Finkenstein.

Lake Faak, known for its clear turquoise water, is a popular tourist destination with a wide range of hotels and restaurants on the shore.

European Bike Week, the largest motorcycle rally in Europe, is annually held at the lake in September.

In 1855, Lake Faak inspired the local priest Franc Treiber to compose the song Nmav čez izaro (Over the Lake), which soon became one of the best-known Slovene folk songs, and still today is considered the unofficial anthem of the Carinthian Slovenes.